Metaverse ETP (ETP), a Chinese platform aiming to rival projects like NEO and QTUM, has defied the gravity of the markets over the past two months, enjoying an uptrend. On July 1, ETP traded at around $0.54. In a general rising trend, punctuated by temporary setbacks, the price of ETP grew both in Bitcoin (BTC) denomination and as a dollar price.
On August 29, ETP touched a high of $3.69 amid a solid 24-hour trading of volume of nearly $11 million.
Metaverse ETP is a lesser known project that started trading on cryptocurrency exchanges in June 2017. Its price had volatile periods with jumps between $3 and $5 at the end of last year. Moreover, it has touched an all-time high of $6.24 three times - in June 2017, October 2017, and January 2018, with large dips in between. But ETP has also seen dramatic crashes, to lows of $0.30 in September 2017, $0.57 in April 2018, and down again to $0.51 on July 1, 2018.
At other times, ETP easily commanded prices between $2 and $4, punctuated by the sharp drops under a dollar. The chief reason was panicked selling after reports that the project was a possible scam. Strangely, ETP is now less affected by the bear market compared to other coins.
ETP is traded on exchanges with a heavy influence of Tether (USDT), with Bitfinex being its biggest market. This has turned ETP into an asset virtually unaffected by the BTC market price. Despite the fall in BTC terms, ETP keeps producing gains for the traders in the USDT pairs. Most of the dollar-priced volumes are concentrated on Bitfinex.
Still, the moves are mystifying to traders. Some see ETP rise as high as $4.70 in its current bull run, nearing its peak prices. However, ETP remains risky.
The ecosystem for Metaverse is operational, although there are only 314 blockchain-based avatars, indicating a relatively low number of users. ETP remains highly risky, as it has logged 90% losses of value in the past.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.